Have you found success with your business and want to take it further, much further? Franchising may be the option for you. As a business owner, you dream of seeing your brand become a household name; you envision hundreds, maybe even thousands of franchisees installed all across the nation and around the globe. You can make your dream a reality by formulating a solid expansion strategy for your business.
Becoming a successful new franchisor is easier said than done, however. You will have lots of legal paperwork and regulations to wade through and sort out. Not only that, you’ll also have to come up with the capital to invest in your venture.
Begin the journey to becoming a franchisor by considering the following factors.
Is Your Business Ready?
Do you have a good, unique concept for your franchise that will sell? Are your existing unit(s) pulling in profits? Have you done enough market research to confirm demand? Are you willing to relinquish some control to franchisees? Have you explored all other alternatives before determining that franchising is for you? If you have clear answers to all of these questions, you may just be ready to expand.
Fulfill All the Legal Requirements
Make sure you meet all the federal and state requirements for selling a franchise. If you make a misstep in this process, you may face costly delays, or worse, legal repercussions. To ensure that this doesn’t happen, it is highly advised that you consult with an experienced franchise attorney.
Formulate the Model for Your Franchise
Important considerations for your franchise model include fee and royalty percentage, terms of agreement, size of territory awarded to each franchisee, geographic areas in which you are willing to offer franchises, the specifics of your training program, and more. Be detailed-oriented and think about the context in which your franchise will find the most success.
Investigate the level of support and training provided by the franchisor. A reputable franchise should offer comprehensive training programs, ongoing support, and resources to help you succeed. Consider factors such as marketing assistance, operational guidance, and access to proprietary technology or systems.
Investigate the level of support and training provided by the franchisor. A reputable franchise should offer comprehensive training programs, ongoing support, and resources to help you succeed. Consider factors such as marketing assistance, operational guidance, and access to proprietary technology or systems.
Here are 3 steps you'll need to take before you open your franchise.
Step 1: Finding A Location. It's important to know that if you purchased a franchise that requires a physical location, it may take longer to secure a location that you and your franchisor approves of. ...
At its core, franchising is about the franchisor's brand value, how the franchisor supports its franchisees, how the franchisee meets its obligations to deliver the products and services to the system's brand standards and most importantly – franchising is about the relationship that the franchisor has with its ...
The Franchise Rule requires the pre-sale disclosure of material information to prospective franchisees about the franchisor, the franchised business, and the terms and conditions that govern the franchise relationship.
A positive attitude, all franchisors want good people representing their brand. The ability to think for yourself and apply some entrepreneurial traits to the business. An excitement and belief in the franchise's product or service. People and communication skills.
Your excitement and passion for the products and/or services you will be offering as a franchisee should shine through every step of your application process. You need to show that you're committed to helping the brand achieve its goals and that you are glad to be a part of the team you'll be joining.
Mosts lists of what to expect from a franchisor include real estate assistance. For any business that requires a brick and mortar location, the franchisor should provide help with site selection. Some franchisors will actually offer an on-site review of proposed locations and help negotiate the lease.
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